6th Apr 2011 16:15
SISTEMA APPOINTS ALEXANDER KORSIK AS PRESIDENT OF BASHNEFT
Moscow, Russia - April 6, 2011 - Sistema (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that the Board of Directors of ANK Bashneft JSC ("Bashneft") has approved changes to the organizational structure of Bashneft and appointed Alexander Korsik as President of the company. Prior to his appointment, Mr. Korsik has held the position of Senior Vice-President of Sistema and Head of its Oil and Energy Business Unit. It is expected that Viktor Khoroshavtsev, who has been President of Bashneft, will take a new role at Sistema.
Alexander Goncharuk, Chairman of the Board of Directors of Bashneft, commented: "We are grateful to Viktor Khoroshavtsev for his contribution during his time as President of Bashneft. Under his leadership the company launched a successful business model, cancelling the previous tolling scheme. In that period Bashneft also acquired new strategic assets and strengthened its leading positions in oil production and refining depth in the Russian oil sector. We are confident that Alexander Korsik will lead Bashneft to a new stage of its development as a fully vertically integrated oil company in Russia."
Alexander Korsik was born in 1956. In 1979 Alexander Korsik graduated with honors from the Bauman Higher Technical School. From 1979 to 1995, Mr. Korsik worked in a number of government positions. From 1995 to 1997, he served as Deputy General Director of CJSC KomiTEK-Moscow and Member of the Board of Directors of JSC KomiTEK Oil Company. From 1997 to 1999, Mr. Korsik was Head of Strategy at Sibneft. From 1999 to 2005, he served as First Vice President at Sibneft (later renamed Gazprom Neft), one of the largest oil and gas producing companies in Russia.
In 2006, Mr. Korsik worked as Deputy Chairman of the Board of Directors at Renaissance Capital, a leading investment group focused on emerging markets. From 2006 to 2007, he served as President at Itera Group, one of the largest independent producers and traders of natural gas operating in the CIS and the Baltic states. From 2007 to January 2009, Mr. Korsik was Chairman of the Board of Directors at RussNeft.
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For further information, please visit www.sistema.com or contact:
Sistema
| Investor Relations | Public Relations | |||
| Evgeniy Chuikov | Vsevolod Sementsov | |||
| Tel.: +7 (495) 692 1100 | Tel: +7 (495) 730 1705 | |||
Bashneft
| Investor Relations Maria Radina Tel: +7 (495) 228 1596 | Public Relations Tatiana Zotova Tel.: +7 (495) 228 15 91 |
Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 7.3 billion for the third quarter of 2010, and total assets of US$ 42.0 billion as at September 30, 2010. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
ANK Bashneft is the parent company of Bashkir Oil and Energy Group, which is a top ten oil production company in Russia and the fifth largest oil processing Russian company. Bashneft sells its output in Russia and exports to Western Europe, the Czech Republic, Hungary, Kazakhstan and Ukraine. Bashneft trades on the Interregional Oil and Gas Exchange and the St. Petersburg International Mercantile Exchange (SPIMEX). ANK Bashneft employs approximately 22,000 people. Sistema JSFC is the majority shareholder of ANK Bashneft.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of Sistema and/or any of its subsidiaries and affiliated companies.
Copyright Business Wire 2011
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